Nevada City CA niche

[John D.]

Investment Info:

Single-family residence buy & hold investment in Nevada City.

Purchase price: $133,000
Cash invested: $40,000
Sale price: $242,000

Bank foreclosure purchased at auction for $133k, with rehab all-in around $175k. Rented for an average of $2500 a month over the 2+ year hold period, to individuals growing or processing marijuana. When the local laws changed regarding cultivation of marijuana, I sold the property. Monthly cashflow of more then $1,000 per month when held, $50k+ additional profit when solid after all expenses.

How did you find this deal and how did you negotiate it?

MLS/Auction property. I think I purchased this off the hubzu auction platform, can't remeber 100%.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Edie Miller @ Intero assisted with the purchase and sale of this property. She is super knowledgeable in the area, and she has aided me on dozens of profitable transactions.